Hi everyone. so we're gonna start right now. Okay. Welcome to this webinar provided by audience of a progress. My name is Zana Perez Currie. I am currently a member of Miss Balboa, as well as a volunteer for on the progress. I'm trying to give a you know people a couple of minutes or seconds the basic just log on. I appreciate everyone that's basically on right now and participating in this very important webinar entitled Protecting our finances and Simons club crisis, But before we begin, there are two matters to attend. so if you're on right now, please do me a favor and kinda touch the share button on your Facebook page and share with your friends and family, give them an opportunity to jump on and participate in this very important conversation. okay and share I would also like to take this opportunity if you haven't done so to complete the 2020 census, we need to make sure that our voices are heard so if you haven't done so. It only takes five to 10 minutes. Please go to 20 - one. Okay this year of one point gonna be in a rare form. The crisis of the 19 has had a profound effect on our health and well being as well as having a severe impact of the community from a financial standpoint. To support our community and those most financially impacted, we're here today with three highly experienced financial professionals who for decades have helped families and businesses achieve their financial goals with Cardona, Emanuel Santiago and Joaquin Tourist. Thank you for being here today. Thank you. you. Alright what conversation today is about stability Protection opportunities resources and what are some of the. And we're financial decisions to make during the pandemic if you have any questions you'd like to answer, please put it in the comment section and we'll make sure we get to it later on in the session before we get started, I want to introduce you to the speakers and share a little bit about their background and expertise. Georgiana has a bachelors in business administration from the University of Puerto Rico and an NBA with the emphasis and management from the University of Louisiana, Georgia's working. More credit counseling service Puerto Rico with 20 - five years when he served various roles including credit counseling creditors officers housing operation, system, manager and sales and sales and human resource manager. So I'm imagine well. Santiago is currently a vice President of investment of a nationwide planning associates in Kissimmee, Florida. His specialties include investment management Retirement strategies, financial risk man. A lifetime income solution during the last 18 years, he has helped hundreds of families and institutions achieve their financial goal and last, but not the least is your queen Torre is a certified public accountant in Florida and Puerto Rico with over 25 experience as external auditor accountant taxes and Incredibles adviser. He is the owner of the CPA Firm OG a CPA and adviser with offices in the. Florida and Puerto Rico so I really wanna thank you guys for being here today with unser of progress for participating in this webinar, I think this is a very important topic to discuss because not only are we affected. We're here locked in the home. We're we're worried about our 401 K. We're worried about the money that's in the Bank or the savings accounts. that's kind of wins. so I think it's so important to have this conversation. So I really appreciate you guys taking this opportunity to speak with us today. so I'm if. First question is gonna look for it. Okay. We're looking at the screen and I'm like that's okay. Alright, let's do it it. It appears okay. so one of the things that my Latino families that's really interesting. it seems to me, but many Latino families are not educated about money like they don't talk about money. They sit around the table. They have a discussion, but money is not really talked about it. Nothing about financial planning. Doesn't seem to be done? I mean people talk about. Oh so-and-so. You know has a lot of money. He's able to get this House this car so I was really bad with money So first of all, I just think that good financial management practices or bad ones. I'm not really focused so what do you think that's true as a financial management professional? Why or why not? Yes? I do believe that that's true money Taboo subject. We'd rather talk about sex before we talk about it is a reality but it transcends ethnicities. It's something that happens to agers too. all the surveys that I've read about point to the fact that Americans in general when you a survey, they don't say Hispanics or Latinos or are going through this situation, They say Americans, they say of all the people who are surveyed. This is what's happening. We are not saving enough money. We're not getting ready for retirement. We're living paycheck to paycheck and that's the reality that there's something that's happening across ethnicities So it is true what I've seen in my 25 years in working at this. AMC is the fact that regardless of how much you're making you are behind the eight ball if you're not saving your money if you're not making sure that your budgeting. And you're setting aside money for contingencies this situation about 19 has emphasized the fact that we were ill prepared for any kind of emergency, but we didn't set aside money for an emergency the the Frans that we recommend three to six months for safety nets for unforeseen situation for contingencies. we're. Regardless of Latinos or Americans or or whatever we're prepared for this type of situation. so why do we recommend? We recommend all always to set aside money for emergencies and and we we see like I don't want to get on on on Brookings skin, but I've seen CPA are supposed to. I'm sure that he's. Not going through this situation, but to emphasize the fact that regardless of the the knowledge of finance or accounting or personal finances, this personal finance so regardless of how much you're supposed to be no when we start analyzing the situation of whoever comes to us we've had doctors CPAs engineers as well as people who. Are not are not we're not do not have a College education College degree so we see in all of them and most of them, the fact that they are running a deficit budget deficit each month. So what to do we just start with the basics? see what we can do to increase your income. We reduce your expenses or to do your debts Okay, but I find that it was. Ethnicity it is something that's across the board. Absolutely Emmanuel the question is for you. What should a person do in the times of financial crisis? Yes, sir. Thank you for having me there's there's no doubt that right now we are passing through some very intense times and that's one of the main reasons of importance of having a very established financial plan. One that includes your current situation, your income expenses, your assets and debts and we. Also use this time to develop and work on one of our chore and what are our medium and long-term goals and to know that the best strategies for Long-term aren't necessarily the best strategies for the short term. Okay and and it's very important that we must realize that there are people who are training who have the knowledge who have the tools to help us. Those goals and strategies we are not we are all we aren't all in the same boat, but we are all in the same city. So what I mean by that is that our financial situations are different between families and individuals, But while the strategy are different, the system and the and the and the system to to start a financial plan are the same for everyone we all have. Start with where we are right now, what are our resources? What tools do we have right now and then develop what we really want to achieve and then divide A- one if those are real if those goals are really needs or wants or wishes, okay, because maybe I I really need to save for retirement, but maybe buying a new set of rings for my car is a wish. It's a good way. Yeah. It's a good wish. And it makes me feel good and that's why you're so important. It will also go to know that you have a very nice down to to retirement or to fund the other goals like the location or to start their own business. Okay but the first thing that we must do is go back and sit down and start working with a financial plan. so we can know where we are where we wanna go and what's happening you do we have and we recognize we. Professional help on people in areas in the financial world that trying to grow food for people okay, so that that's the first thing that we have to this crisis is sit down and start and start reviewing that plan and we don't have a plan for our tax advice or call our insurance adviser or investment advisers, so we can all sit together and start working with the with the financial plan. Okay. Great parking This portion is for you. how does that affects small businesses and individuals from an economic perspective? Thank you That Diana and thanks for I'm going to be here too and has a horror story to say that definitely the man not only Latinos also all Americans and basically all people in the whole world were affected in this crisis as I told this. Also that was not only cally 19. It's because there's no there's no medicine to tackle this and discover 19. and that's why basically all business and individuals. basically, it's a small business so Latino business and individuals were affected. There are a few of them that in the food industry. For example, know some businesses that are doing double the sales. That's that's a that's a very rare, basically, and of course everybody here have to close the income were not coming in and they need to be this umh some for some employees or you need to reduce the cost and a basically everything on my experience with my I've been I have clients in this part of that just started two months before the crisis they were about to start and. Crisis at the new ways I have all my businesses that for more than five to 30 years, 40 years, and all of them were were impacted. All of them were impacted in some they have some disaster preparedness, but I think basically nobody see that's coming everybody that were on February fifteenth and say hey, where we close for a month or two, maybe three months not nobody will tell you that it's. we need to get a loan for this lesson too, and that we need to be prepared and that disaster preparedness that we talk we need to be you know continuously improving right. Absolutely. Basically, Alright. In Emmanuel Okay, So what do you think is gonna be the worst financial decision? A person can make right now? Yes, if people are scared, you know they don't they don't take the time out. is they just might jump in there? Yes we we must we must develop the discipline to to make decisions based on information and not based on emotion. Why are the same time we accept that a human beings we all make. Based on emotions and then use logic to justify those Justice, those for example, we go to to go to for a walk on the shopping mall and we see this one pair of shoes and they're very nice and they are but they are there. and then we buy those nice pair of shoes. huh. First. we want to accept that emotional where emotional and and that's something that's very important and those emotions are gonna drive the way that we make this A. Okay, many of our most important positions that we made in our lives who's gonna be my couple what's gonna be in my career or their base, many times and emotions, but the thing is that we must learn to calm down those emotions. Okay to relax and then when we make the decisions instead of using information to justify the use the information to. Made the decisions later, okay, so what's first information and then use the information before making a decision? okay. And that's something that's something that happened to us to all of us. Okay, not because I am I'm an expert in finance or because I have a PHD math and I don't make decisions based on emotion or our lobby. We're not in the name of the cancers from Star Trek that they were all logic. If you don't have that we are, we are emotional beings and that's what important that we have. What we have to know that we're dealing with the with the decisions what we make the decisions that we make today. We know that they're gonna have percuss in the future. Okay, so it's good to have emotions. It's part of who we are, but we have to put them and learn to tell them so we can make decisions based on information and not based on those emotions. So the worst thing that we can do is make big decisions drive solely by. Motions emotions are a very important fact because if you're gonna make a big decision like buying a House I feel good when you go into that House Because if you're gonna be paying that $1502000 a month every month for that House, you're gonna have a good when you went to that House, but you have to make also a decision financially to to to justify that not not not to justify to take that into account. Okay, So we start that we're not gonna make decisions using them. But we're not and we need to start bringing them together, emotions and information not not all information because that's gonna be a very sad life and not only emotions because that's gonna be a very real life. Okay pro life Okay we need to bring them both together to find a balance between emotions and information on making decisions. Okay, I agree with that can make decisions just when you're scared This question is for Jorge how can we negotiate with our creditors? you know such like a mortgage and car loans and what questions should we ask them for this kind of tough because some of us aren't not too comfortable talking to our creditors and getting them to make decisions in our favor. It's. To reach out to them, but we need to stick to facts and we we have to tell them to show them and prove to them that we are experiencing some setbacks, something else so harsh and we provide evidence to the to the threat. Now there's a difference between situations that have been brought about as a result of kt and those that we had prior 19 if we were behind in our bills. And and now we're gonna say 12 or three. I cannot pay you now because of this situation, I'm an employer or my hours have been reduced and say, hey guy you are behind prior to this a home here, so it all depends on your payment history prot of it and type of credit or debt we're talking about for mortgages. It's one thing for constine. It's another thing you know if you talk to small business. It's gonna be one thing. we're gonna talk to a car or or or somewhere you can finance your car. It's another thing they all have different policies, but you all you need to talk to all of them and show them at the end, provide proof that this is my situation and hopefully they'll be condescending to you and assuming that that and you are not behind on your bills prior to call it. but. To make it easier for you we're gonna sell our business. We specialized in this. that's one of the services that we provide. We intercede on behalf of our clients of the the customers We one of the services that we provide for them as a payment plan where we can touch with all of them and send a Post's letting them know that I will pay you as as I used to the situation. so peace now that I'm I'm going to the situation, but all you know in general creators are being very lean very helpful in general great lenders have been providing extensions or auditoriums to of the customers were affected with with Golding so in general they. Are. Be positive and and and letting them know letting consumers know that they understand and that they they're gonna be helpful to them as far as the questions to ask them. what what's gonna be the effect on my credit report If you if I don't pay you for two months, what what are interest rates are gonna charge me during this period. is the Are gonna be reduced or is it gonna be the same are you gonna assess the fees on the on the debt that I don't pay on the balances that I don't pay during this period or are you gonna add these payments at the end of the period and those are the questions that you should ask whoever the lending lending institution that you're dealing with, but it's kind of uncomfortable. ten fifteen that's you need with fifteen different people and it's very ah accountable to do that you know it's really interesting because ah I have got a couple of things from ah my credit cards like home people and they said you are effective automatically do it when then I know that they so continue the interest right so you favourite you not be able to pay your bills really sure it right if you see getting your Every every two weeks you should continue pain' loans they are granting previous students with a concession of three months or four months or whatever or six months, and I'm recommending if you have money to pay. if you have, we're not affected continue paying it will go to principal director you you'll be better off to campaign. Okay. Thank you. I think I have only one follow-up question with that with the student loans, I've heard that they're not charging interest at this time. right. Okay. I've seen a miserable. Yeah. that's really good, so this is finally something to bring it down cuz if you're paying for the principle principle. but no, I mean the interest interest and the principle payments. so thank you okay. So this question is for you. Why should someone consider if they wanna take a loan from the Bank or therefore point? Okay, there are definitely these two things are available for the business also and for employees or individuals and laws for now in this disaster for business, the best way to go is with the PP law the payment Protection Protection plan, which is forgivable, also for Independent Contractors and Businesses if you use for salaries and rents and also. For the emergency disaster on S Ving, some loans or having the lenders banks have a full warranty so they don't have any kind of risk giving you this loans so definitely a way to go what you need to analyze a say. And so I say before when you you need to get prepared and you need to analyze and sit down or they really, you know the decision. Without the complete information on you okay so for 401 K yes, there is a new IRS. you know and there's been console given your rules in Congress. I hired another law that could be signed in the next few days and the Heroes Act just like the Care Act also so so that many things are going every day and every day we are having a new Russ right and this is related to 401. KS are allowing you to. Some money without the penalties that usually IRS charge, which usually 10 percent plus put in that amount of money on your income back on this year, For example, if you withdraw $20000, you need to put that $20000 on your 20 tax return, but with this rule and they will waive in that 10 percent of that 10 of the charged flaws, allowing you to put that on your income in the next three years. Not just in the 2020 or putting back the money in the next three years, and then they treat you like a roll over so it's very important related to this to the 401 K or IRA IRA also have been the same that many people goes to withdraw or they just get fired or they could just get suspended from their from their jobs and they want to retire the entire money and just don't use it at all or you just a small part that there are. They say we don't have right now, but they're this and you need to think on that every time that you do. sometimes you you get go to a new job to just you can just move it do a roll or what we call and another instrument, but definitely you need to consider that a 401 K. I don't believe that that will be the first plan a or plan B because that the money for your retirement or maybe talk to you more a little bit related to this and it. Think about that and the penalties and the possible penalties and put it back on your income and even if you need to put it back in the next three years, okay. So what if there is a way there is a there is a penalty decrease on that from it's called 19 and who knows what else the IRS will include the Congress Okay. Thank you for that. I was writing it all down so Emmanuel. Is the best time to invest in the stock market? Yes. every time I've been asked that question and that question has been asked for ages. Okay. What's the best time to get it and the truth is it's not that what is the best time to invest? but how long are we gonna be invested in the market? Okay, but depending on your goals, the closest that the goal is the less money that we should. Put in the market and more money have to be put on investment like Bank accounts and cities', for example, if the money for pay the rent next month or two months from now, that work should be put on a Bank account or certificate of the day, the goal that you have in one year two years that one will be in the back okay, but for money that you have for goals that you have five years from now 10 years from now 20 years from now 30 years from now, then that's money that the most of this. The longer that is invested in the market history has told us thought of of that we have more possibilities to achieve the goals that we stated So first, we must that's important of on going back to the plan because when we have a written plan, we know that we have different goals and we know that each school have different time horizons that help us identify what we're gonna do just like what what. The money for retirement is the money that we're gonna help you use it for our longest vacation. Okay. So we we most of the time we spend more time for a two -week vacation that planning for a 30 year vacation. That's gonna be our retirement. Okay. So yes, it's important to have again the two week vacation, but we can also sit down for the 30 year vacation. Okay, and if that's what we. Hold on We don't wanna be we don't have to the the big box store We see the guys who work in there at the entrance. Okay, we don't wanna be there we don't wanna be paying for our family. Okay. So that's gonna be one of the most important of the most important thing that we have and so when we have plan written down and we know how long that goal is about, okay, then we can decide how long that money is gonna invested. Okay so best the time to invest. is where you realise ah well is that going to be do okay then we can make decisions and then they stayed in the market we are almost the same that the money invested there is all my the same level was six months ago okay yes you want some loss but we are almost like six months ago okay so that's that's okay I am many people who who who stood in the market they they are withdrawn for money because they know that this going to be sometime temporary stress again but Dónde OK OK Profesional Their career has been grown helping other people achieve those goals. Okay, so first recognize that we have. we have a lot of time if you're about, for example, someone who is 60 years old, a single I've invested in the market well if he lives up to 90. my oldest client is 90 years old. He has a 30 year now he's been investing in different that are 30 years old. Okay. Well, here's what I'm invested some of the money in the market. Okay, So it's not about timing the market. What about time in the market? Okay? How long it's gonna take that in the market? Okay. Thank you okay. So this question is for you and it's basically how can businesses and people improve disaster preparedness. it's a nice question and it's very important questions We have seen now these days so I would suggest plan. Planning we plan we need to get a better. read a lot or try to be more I was reading about that. I told you yesterday about those who what's in the book about 15 years ago of a business. that said that every person has to or every business owner have to read at least 30 magazines during the month. Okay, anyway, the economy saying, and related to the business related to other many other things in that way you get. That's why you also see some news and you need to you need to be educated right on everything basically to get to know what happen what can happen to me in my business? I need to be prepared to try to to see the future and I have seen I have seen I have because I'm reading I'd like to read the economies for Affairs and the other donors so that I say that I could. Plan for my business and that could be also the disaster of returns because the business is also maybe your business go out. It's not longer a Ced or they no longer need it for your customer in the next five years, Maybe so you need to be prepared for that too, but I would suggest to start to you know, get educated and plan and plan and try to see what's can go wrong. I'm an auditor and And we do our research, Maybe Emmanuel do it also on their clients. Also, I do also maybe a what will go wrong, the type of thing that you are trying to to fix or trying to be prepared. So in that case, we didn't need to be you know tied to be what can go wrong. What what happen if that something like that will happen again and I will need that three to six months funds and I will need what other types of disasters as what happened. Okay everything's. What happens is the Internet shut down and all the communication shut down, so there's so many risks out there that that you need to get prepared for that and I will believe that you need to go to your business or go to your family. Just what you need and what is exactly what your business is and try to prepare and do our assessments first and what to go wrong So and they read and read and educate yourself related to your business to the economy. The new era of IT also the technology and how your business goes to be there in the next years to come and what the for me the the best thing to do is go to recess and educate yourself in order to be so you can be prepared to do that setser. Thank you. Jorge. So what options we now have to avoid getting evicted from apartment for grants we are fully aware of what's happening what you need to reach out to them anyway and let them know what's happening. This is you need to go to your creditors. You need to do the same thing to your landlord and explain to them unemployed or my hours were cut. Now, I'm going through this situation and and they're they're they understand that they're being lenient. They're being condescending. They're being cooperative, usually there's some help from from the maybe some from counties helping renters cope providing some emergency funds to pay the rent or pay the utilities. so we. Out to to agencies reach out to a credit credit counseling a so that we can let you guys know what are your options and and we can explore your or investigate your alternatives and do a budget analysis to see what we can cut so that you can have additional funds to pay the rent and. Your immediate to cover your immediate needs. You know the expenses that are priorities, but yeah there are there are some cooperation that's going on from from landlords that you need to reach out to them. You need to let them know what what's what's happening to you? And as I did tell you before with the creators to show them proof you need to find them that letter that you received or whatever is happening, you're a recent pay stub ving the fact that Up making as much money as you used to or that, you're not making any money at all. on the other hand, there's the unemployment benefits so people are receiving more money now temporarily to $600 per extra per week that is available that can tell you over that can help you get over Aed over with your your expenses. In fact, I I've talked to people down here who told me I didn't wanna go back to work because I was making more money unemployed than than I was working, I said. No. that's not the attitude that this is a short-term anyway. you need to go back to work. if you're employer is ready to receive you, you should go back to work but yeah it's there are there are alternatives and you need to reach out to them. You need to reach out to a Edwards. You and and the federal government in general has established some policies were were no nobody will be evicted and no other. There's no The foreclosures there will be no foreclosures and evictions. That's a federal mandate that is in place right now. So we're okay for being, but still you need to reach out to let them know. Okay. Thank you so Emmanuel and what ways have you help your clients during these times? I'm quite sure you have gotten a lot of calls actually, I've talked with my clients one of their own rights. You know why you hold on a plan and work with this okay. so the deal is that they're gonna be there. They're gonna be that's that's part of living. Okay. We don't know when where where it's gonna come from. but there are there's gonna be now we're talking about coming in 1910 years ago, it was about the housing crisis 20 almost 20 years ago. It was beno the Y two K everybody where everything was you know what I don't know 10 years from now. Being from the North Andes one is that there's crisis' there's no there's always going to be on. That's part of being alive. Okay we we can't predict what's gonna happen in the future, but we can't prepare okay. and that's that's that's the main. that's the main speech that believes the speech and we have a visible. I don't have a crystal ball I used to. Used to say that the crystal ball the soy Puerto Rico. I don't have a question, but we know that experience that we prepare. We don't know where the price is gonna come. We don't know where the heat is gonna come, but when we do have a plan that plan helps to help you keep focus that that gives you where you're going, that's where you're going. You better to make decisions when you have a plan even if you have to change the plan, but you're already passed through that through that process, Okay. So when I when I go from Orlando to New York, he may a flight plan. Okay, the root the what is hate and then he goes into the plan and then He He flexed there. But if something happens in the in the Middle, you know that we all have that shakes That's what that was that that was put the time we we. We expected some turbulence in the fight, but we don't know where it's gonna be now If it's too much, then we change the plan. okay, but we started on a flight on a on a on a flight that had a plan that had a flight plan. Okay. So that's that's why again we are not alone. We have professional every day. we work help these people find their to achieve your financial plan, Okay and with the Hispanic community and with the community and people who come here. commitments coming here okay so that's that's we have to remember that i would like to go back and signal and o a crime okay that's amazing year okay that that and many now that most of all of most of us are our home where starting going to the office of many now with We have 30 minutes to sit down and let's go back to the plan and let's talk about financial professional. Let's talk about. let's talk with my CPA. Let's talk with my debt management professionals. let's start with my insurance agent. Let's go with my investment adviser and let's get together so we can work the plan okay. and then you have a team of financial professionals that are there to help me. That's that's that's that's important thing. Alright. Thank you. George Jorge. How can I what? Cuz tomorrow is a customer who's going through this situation or credit. Did you hear the question call us and we'll do a complete analysis? We've been working we saw in Puerto Rico three years ago and we've opened a brand in Orlando in 2018 and so we have a enough experience to the people who see all kinds of situations and we provide a lot of services starting with the budget and I. This is a complete ass' will we are a certified ASD and we can the alternatives for people who are experiencing problems paying their mortgage debts. we do student loans as we talked before so we are very thorough a agency that can help people with all kinds of situations and you don't have to ask. To benefit from our services you you can go to our ANC without any any particular situation just to have a general idea of what where I am and what can I do to improve my in my general situation? But yes we are available at or the Orlando Office At Cortes or 751 Codi Circle and they can reach out to us at 40793 Zero 56. Zero nine they can call us. they can visit us and or they can text us or they can go to our website and they can ask us what they can do better how they can improve. and if we cannot, we don't know what to what's their answer is we'll refer the the person to walk out to. I know so that we can all benefit from. This experience that we had today now, we know each other and we can refer to each person depending on the particular issue that's involved. but yes, we can we are ready willing and able to help people who are experiencing situations as a result of Cot. Thank you and we're not least what can we no way of life at the over 19? Do you foresee any? sample for the consumer so financially perspective of our city and we we are here also my my previous also all for for help to you need to Be prepared and plan, and it's okay to just be better prepared and to communicate with your what is your business? What is your environment and your economy condition worldwide the statewide nationwide and to be better prepared to in order to get a nice The preparedness and disaster Preparedness Plan Okay for new treats. Yes definitely definitely what they would be the three. We don't know I don't know we don't know. maybe it's the roaches the Cros Heckel maybe Ibm sit on Washington. I don't know. and maybe maybe there's some many truths that I could happen but what we know for sure what we'll learn from this one is that we need to be prepared better prepared because three months ago, nobody was referring nobody knows nobody tell somebody tells you that you're gonna be two months and calls everyone. Will be at the home and nobody will tell you that nobody you will not believe that so be prepared plan educate yourself go to if you need to work with your credit financially go to a place for the consumer before and you see go to Emmanuel Two. They are great tools out there to go and and try to help you you know put together a plan. First of all I think I'm old. About this X Ray of your of your finances, you know a snapshot of your finances, whether you're standing right now, whether you're whether you're liability is what are your What are your expenses? How do I cut on my on my expense and how do I do more money? It's not for this is not just to more money because, for example at restaurant $10 on your more money on that on a play, the revenue that cost you the food, the labor costs and everything, and maybe you can maybe plan to save $10 in. Which is hundred percent income to you. okay, so you need to get for business and you need to prepare better and also for for your responses and educate. and in many ways I I know Mayberry Manuel also have in the office people that come said that they they tell you should come before here because they in order to better prepare you because the basically in every every month especially in the tax season when I especially with. Clients that they just you just ask what can I do this and they don't do the correct way They do it in the other way, so that be prepared that there are advisers out there to help able to help you so I can come with you with a box of receipts and taxes and you will go through it and do my taxes sort of Will you actually like take a box of receipt? That's what I do to my CPA No-I. I can't figure it out. There are, for example, I took the 401 K IRA so many people come. I just get a new. I just withdraw all the money and I don't know the right way and then end up paying $20000 for nothing because they don't go to or maybe being a very hard and say, hey you can get so so what I really appreciate you guys being here. I'm gonna sing. that's gonna be some questions popping up from the audience. Yes, it's gonna wait while, but it's been really interesting. I do have oh there's. Many lawyers are selling bankruptcy ads right now, What are the positive and negative aspects of bankruptcy? Why are we getting these types of ads now more than ever? For me, okay, I can start Gros is a tool that is out there and it's helpful for some clients or businesses on the the is there for business is there for individuals and they're basically two ways to Organization or a leak? What they call and what they're doing there because it's it seems with the price and they are going out of business basically and or they are That happened and due to the thing that's why they are selling this by this ads because there is a way to do it. you need to pay the lawyers right but maybe there is a way it's useful for you but I need I believe you need to get to your adviser and see if it really works for you not necessarily where there's many ways to work, maybe forehead half of how many clients. For consumers that maybe they were seeking about bankruptcy and that's not the way maybe the correct way maybe negotiating with the vendors that will be a better way. So that's why there are many apps out there. The there is a that is charged for this type of service and sometimes it's useful for the clients What you need to hear your deal the bankruptcy law, but also hear your advice or financial adviser to see an independent in. Advice related to bankruptcy. Well, I take my take on this is that he was very diplomatic. I'm I'm not gonna be as diplomatic. I'm gonna be a little bit more blunt. They're very they're being very opportunistic and they are making sure that if you're going through this situation, my friend bankruptcy is the only alternative come to us. we're gonna resolve all your situations. That's the only alternative. And we've seen this for many years that some lawyers are very nice, very professional and and they seek the proper alternatives. Others are not as efficient in the process. so I'm gonna say that all of them are this way or all of them at the other way, but the ones who are making sure that people see them now. Before before they didn't advertise as aggressively is because they're they're they're trying to make hey well right now they're trying to take advantage of the situation. So what are the advantages and disadvantages bankruptcy in general? I'm not a lawyer so I'm gonna get into the nitty but in general why event, she said It is a deal right and and you what you want the snake thing, especially if you are. seven two seven thirteen it's gonna take you three to five years to pay all your death and they're gonna consider based on your financial capable in your passes situation they are sign on the amount they gonna pay each month so you and your end of pain a fashion of why you originally old so that's those are appointing said you don't end up pain as much the payment will be much and you will be relieved immediately believed that man this pain are my system now I can rest easy I can I can see better because of our privacy and I don't need to do with all these ah creators or collectors the disadvantages in general one of major disadvantage is effect that you're great will be shot ah the thirteen Crete the each will be coated in that way at the way for seven years, but you probably raised and you're in your credit report will show that you follow for 10 years, so that's the major disadvantage the major throwback. and while you're in bankruptcy, you cannot do anything you're you're you're like a scarlet letter. You're you're you're you cannot obtain any more credit in addition of credit while you're bankruptcy. Once you finish your bankruptcy, if you're on a 13, then you can resume your credit transactions. Okay. Should I be open to withhold taxes from my unemployment benefit? Thank you Alexandra. Well, that's I I unemployment is stuck on income, so I don't know if they will do right now and they have. I don't know if they have right now and for taxes for decent employment, but this usually tax so maybe that might be good for withholding some taxes on that. So so again, I don't know I don't exactly know if they have. I don't know if the man was heard about anything or Jorge, what I have seen that I just heard that is for government. Andra Weekly on this unemployment benefits while at the end of the year, you will receive a 1090 - nine basically on A- four a tax form that will tell you how much money you you you get and you will need to put it on your on your tax return okay. A couple of corporations to be financially responsible. How can I help you move Million dollar company go bankrupt in a month. Well, think of Andra, oh, maybe this that's a lot going on I love things going behind the curtains going on behind the curtain and say you don't know about at that causes companies to go by the up to go bankrupt all of a sudden you are unaware because you're not how the international situation you don't know what's happening, but if there are any. It'll go back to social responsibility or responsibility you start a company to make money and to if you it's a political operation to benefit your shareholders, but we're going to be finishing responsible. That's common sense that you're supposed to. On the local and do things properly but there's a lot of characters outside we don't know about look at the I lot of movies or not books I have been written about these situations about the first example I came to us and run that nobody knows nobody had an idea where what was going on and I was shocked and face that corporation that for example right now they right now that there is a one two zero in okay so you can responsible responsible take your time sometime on and anyway something that happened your life that you have to go back and background sister where check the death person who stand up so we can give us no si sasa locate you also message of his own gives car okay because of you know you know what to get the street okay so bantayan police station protected And and and you know what when people know you, they know that you can go bankrupt. Okay. So you know that they're in the business of loaning money or they do a risk assessment and they and they know that the person with a 758 hundred or the low bankrupt in six months, okay Because Because what that number means is that you're up to date to pay your debts, but something that happened to you, You can have a sickness. You have a an accident you can have a like this that your from through to see you on then from from one day for or you know have to that's what says okay and and bankruptcy people have have been going back thousands of years okay you can go into the Bible this there are some writing style people twenty-five Okay. So now we have a constitution. Okay, so it says that the Constitution the federal government is to is the one in charge of bankruptcy Okay and that was written 240 - two years ago. Okay. So it's it's fun. I need to the end of the of the night and if you can if you can't. Pay your debts background Okay, Maybe you should have two years ago and then you have two years ago and today we will have a lot of money in the Bank Okay, because there are times that we just can't pay it. okay so that with that that specialist so with the debt management management lawyer okay, talk with the different ones, Okay, not only one for many different obedience. Okay and in my forward decision for the government. For everybody, okay, but people should consider it. It's not a it's not a stigma that okay. It's gonna be my credit Well if you don't have money to pay your debts if it would only on the credit report, okay so we should think about bankruptcy as a way to help our findings. Okay. Okay. Oh and to the Sophia Vilar. It's a different payments affect your credit so. Bye. So the institution mm hmm right now, they're they're offering different concessions and most of them are saying I wanna picture your credit so it depends on the credit lending institution. Thank you. Pristina Robinson are there any budgeting financial planning you recommend Mint dot com EveryDollar and you need a budget. You can have I think and I oh well that's affordable financial planning available fear of owing another individual may hold some back from seeking assistance. Yes, that's a very reasonable. Let's let's there's some advices who only work with people who have one million two million dollars on a home and they're all advisers who work with families of Middle class. Okay. So there's a. In between this between okay is that they are they are also you'll get what you pay for. I will stay at I will say those free financial plans take take that with a piece of what I mean is that if they're charging you for financial plan, then you need a sales to to sell you all the okay. So there's so you'll you will you. Get what you pay for okay, but yes, there are financial planners that first you have to be licensed. Okay. they they're they have to be licensed financial planners have different special special so special special. There are financial planners that only work for a fee. okay or for our Orly your tax adviser, but you always will get what you pay for. Okay. You have this. you can go on the Internet and your taxes for free but maybe if you spend a hundred or 200 bucks paying attention, specially he will have a better a better job. Okay. So again it's about sitting with people and knowing that just yesterday the resources and their financial planning for every source. Okay. huh I think that you need to you need to clarify what she means that person means for by financial planning the a lot of people who call themselves financial plan. And and that they're not plass. They just do a very poor job and and and what they're doing, but we are certain financial plan. You need to go through a lot of a bunch of tests and you need to then pay for that service like CPA's that there's a specialty a CPA that they can become a personal financial specialist. So that's a very unique special, especially specialty that you need to be a CPA first to become a PFS but CF Pss. Are are very sophisticated too, but to call yourself a planner show me what do you mean by that? What do you do when the financial planning process? okay? and these are should we be getting SLI or this current a couple question too? Yes for life for business insurance that you'll take that one and insurance is is You need a business insurance, but we do need you want to be not insurers or on the insurance and also you need to get sometimes I help my clients to assess that the amount of insurance that you might need also. so this is not the way I have we have 19 now, I just need to get more business insurance or get business interruption insurance that I heard that basically, it's not there's no cover right now for for this so for. Case or a business insurance, and you just need to not get more or less you just get the exact amount and that and that needs to be done basically every year that you need to reassess what your business insurance needs in terms of liability and business, interruption and equipment, and basically all the commercials that we talked about. Alright, Well, Thank you so much again. Thank you to the panelists for just basically providing the brief seminar working with at work. I really appreciate it. I think I got a lot out of it. I wrote my notes all over here cuz I think it's very important information so I wanna Thank you again and for everyone else. make sure you complete your senses. Thank you again. Have a great day. Thank you. Thank you. Bye. Thank you. Bye Bye. Bye.